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TPG Mortgage Investment Trust is combining a strong second quarter with a planned acquisition of Cherry Hill Mortgage Investment Corporation, described as a transformational step in building a larger, pure-play residential mortgage REIT. The Cherry Hill deal is expected to lift combined market capitalization by approximately 36%, creating an equity capital base of about $750 million, with a cash component funded by roughly $20 million from TPG and $15 million from MITT, and targeted annual G&A cost synergies of $7–$9 million. Management expects the transaction, planned to close in the fourth quarter, to be immediately additive to earnings and EAD in 2027, with pro forma economic leverage around 2.9 turns.
Core operations delivered stable results: book value per share rose from $9.97 to $10.00, a 0.3% increase, producing a 2.7% economic return including the $0.24 dividend, fully covered by EAD of $0.24 per share. GAAP net income was about $9.1 million, or $0.29 per share. The $7.7 billion investment portfolio remains concentrated in agency-eligible non-QM and home equity loans, with economic leverage at 1.8 turns and liquidity of $112 million. The company issued two securitizations totaling over $750 million in the quarter and plans to issue more than $1.25 billion in home equity securitizations in the third quarter. Resolution of legacy nonaccrual commercial loans is expected to unlock roughly $30 million of capital and drive about $0.20 per share of incremental annual EAD over time.
Cherry Hill Mortgage Investment Corporation reported improved results for the quarter ended June 30, 2026. Net income was $3.8 million versus $1.6 million a year earlier, and net income attributable to common stockholders was $1.3 million, or $0.04 per share, compared with a loss of $0.03 per share in the prior-year quarter. Six‑month net income was $4.2 million, versus a loss of $5.4 million a year earlier.
Net interest income rose to $4.7 million from $2.6 million in the quarter, as interest expense declined while interest income was stable. Net servicing income from mortgage servicing rights was $7.4 million in the quarter and $15.3 million year‑to‑date. However, results included unrealized losses on RMBS and Servicing Related Assets and a $2.3 million provision for credit losses on a promissory note plus a $0.5 million impairment on a strategic equity investment.
At June 30, 2026, total assets were $1.40 billion, including $1.08 billion of RMBS and $211.1 million of MSRs backed by $15.2 billion unpaid principal balance. Total liabilities were $1.17 billion, mainly $1.01 billion of repurchase agreements and $140.6 million of notes payable, leaving total stockholders’ equity of $228.9 million$77.5 million, with operating activities providing $17.3 million of cash year‑to‑date.
Cherry Hill Mortgage Investment Corporation (CHMI) entered into a definitive agreement on August 9, 2026 to be acquired by TPG Mortgage Investment Trust, Inc. (MITT). Each CHMI common share will be canceled and converted into the right to receive 0.3063 shares of MITT common stock and $0.93 in cash per share, as set out in the merger agreement. The consideration represents a 29% premium to CHMI’s closing price on August 7, 2026 and a 32% premium to the 30‑day volume-weighted average price of CHMI’s stock.
Closing is expected in the fourth quarter of 2026, subject to customary conditions, including approval by CHMI and MITT stockholders and required regulatory approvals. At closing, CHMI will merge into a MITT subsidiary and cease to exist, with the surviving entity becoming a MITT subsidiary and MITT common stock continuing to be listed on the NYSE.
The agreement includes 12 months of post‑closing commitments for continuing employees regarding base pay, incentive opportunities, severance protections and benefits. Equity awards and LTIP units will convert into CHMI common shares immediately before closing and then receive the same merger consideration as other common shares, with specified tax treatment.
TPG Mortgage Investment Trust, Inc. reported that it released a press release and an earnings presentation covering financial results for the fiscal quarter ended June 30, 2026. These materials, furnished as Exhibits 99.1 and 99.2, provide the detailed quarterly performance information.
The company also highlighted its proposed merger with Cherry Hill Mortgage Investment Corporation (CHMI). It plans to file a registration statement on Form S-4 containing a joint proxy statement/prospectus, which will be sent to stockholders of both companies for their consideration of the merger. The communication emphasizes that it is not an offer to sell or solicit any securities and includes extensive forward-looking statements language outlining risks related to the business, market conditions and the completion and integration of the proposed merger.
TPG Mortgage Investment Trust, Inc. agreed to acquire Cherry Hill Mortgage Investment Corporation via a stock-and-cash merger in which CHMI will merge into a MITT subsidiary. Each CHMI common share will be converted into 0.3063 MITT common shares plus $0.41 in cash from MITT and $0.52 in cash from MITT Manager, together defined as the per share merger consideration.
CHMI’s 8.20% Series A preferred shares will convert into newly issued MITT 8.20% Series D preferred shares, and CHMI’s 8.250% Series B preferred shares will convert into MITT Series E floating rate preferred shares with substantially the same rights and preferences. All outstanding CHMI equity awards will vest and settle in CHMI common stock immediately before closing, and CHOP LTIP units will convert into CHMI common shares.
Completion is subject to CHMI and MITT stockholder approvals, SEC effectiveness of a Form S-4 registration statement, NYSE listing of the new MITT securities, specified regulatory approvals, and other customary conditions, including no material adverse effect. The merger agreement includes reciprocal no-shop covenants, termination rights, and termination fees of $4.7 million for CHMI and $7.99 million for MITT in certain scenarios, as well as a voting agreement covering 734,800 CHMI shares and amendments to MITT’s management agreement tied to the merger closing.
Cherry Hill Mortgage Investment Corporation reported stronger results for the quarter ended June 30, 2026 and announced a planned acquisition by another mortgage REIT. GAAP net income applicable to common stockholders was $1.3 million, or $0.04 per diluted share, compared with a loss of $0.05 per share in the prior quarter. Total net income was $3.8 million, and earnings available for distribution attributable to common stockholders were $5.5 million, or $0.15 per diluted share, modestly above the prior quarter.
The company generated $4.7 million of net interest income and $7.4 million of net servicing income, offset by $4.2 million of other loss driven by realized and unrealized losses on RMBS, derivatives, servicing-related assets, and credit loss and impairment on other assets. GAAP book value stood at $3.16 per diluted share, net of the second-quarter dividend. The RMBS portfolio had a carrying value of about $1.1 billion, a 3.45% net interest spread, and a 5.02x debt-to-equity ratio. The MSR portfolio had $15.2 billion of unpaid principal balance and a carrying value of $211.1 million.
The board declared a $0.10 per share common dividend for the quarter, and paid regular preferred dividends. Separately, Cherry Hill entered into a definitive merger agreement under which MITT will acquire CHMI. CHMI stockholders are expected to receive 0.3063 MITT shares plus $0.93 in cash per CHMI share, implying $3.10 per CHMI share and a 29% premium to the unaffected price, with closing targeted for the fourth quarter of 2026, subject to stockholder and other customary approvals.
Cherry Hill Mortgage Investment Corporation (CHMI) has agreed to be acquired by TPG Mortgage Investment Trust, Inc. (MITT) in a stock-and-cash merger valued at approximately $117.5 million. Each CHMI common share will be converted into 0.3063 shares of MITT common stock plus $0.93 in cash, implying $3.10 per CHMI share based on MITT’s August 7, 2026 closing price. This represents a 29% premium to CHMI’s unaffected closing price and a 32% premium to its 30‑day VWAP.
On a pro forma basis, MITT stockholders are expected to own about 73% of the combined company and CHMI stockholders about 27%. CHMI’s Series A and B preferred shares will be exchanged into new MITT Series D and E preferred shares with substantially similar rights. The transaction, unanimously approved by both boards, is targeted to close in the fourth quarter of 2026, subject to stockholder approvals, regulatory clearances, NYSE listing of new MITT securities, effectiveness of an S‑4 registration statement, and other customary conditions.
The merger agreement includes reciprocal no‑shop covenants with “superior proposal” exceptions and termination rights. Under specified circumstances, CHMI could owe MITT a $4.7 million termination fee, and MITT could owe CHMI $7.99 million. A support agreement with AG MIT, LLC commits its CHMI shares to vote in favor of the merger. The parties intend the company merger to qualify as a tax‑free reorganization under Section 368(a) of the Internal Revenue Code and include covenants to maintain REIT status until closing.
Cherry Hill Mortgage Investment Corp director receives stock award. Director Joseph J. Murin was granted 42,017 shares of common stock on 2026-06-15 at a stated price of $0.00 per share, classified as a grant or award acquisition. After this award, he directly holds 156,781 common shares.
Cherry Hill Mortgage Investment Corp director Robert C. Mercer Jr. received a grant of 42,017 shares of common stock on June 15, 2026. The shares were acquired at no stated price as a grant or award, increasing his direct holdings to 146,822 common shares after the transaction.
Cherry Hill Mortgage Investment Corp director receives stock award. Director Sharon L. Cook acquired 42,017 shares of common stock as a grant or award, at a stated price of $0.00 per share. Following this compensation-related transaction, she directly holds 90,733 shares of Cherry Hill Mortgage Investment Corp common stock.